This year was when Dubai realty sector hits its jackpot when several apartments, villas and other properties registered hikes in sale and rental prices in general and in Discovery Gardens in particular. The reason behind this phenomenon is the fact that the slump in sale prices of apartments in Discovery Gardens in 2010 and 2011 has vanished. The owners of the apartments in Discovery Gardens struck gold as the rents in Discovery Gardens rose sharply in 2012 and Q1 of 2013 equalling the rents in Downtown Dubai.According to the reports released by experts at Bayut.com rents for 1-2 bedroom Discovery Gardens apartments rose 23% on year-on-year average. One bedroom apartments are leased for AED 45,000 and two bedroom apartments for AED 70,000. Overall the average increase in residential units in the realty market of Dubai increased 17%.
Discovery Gardens comprises of six building clusters named according to the design structure used to construct them. The six towers are named Mediterranean, Mogul, Zen, Contemporary, Mesoamerican, and Terra Del Sol. In all these six, two building clusters are most popular and, getting a supreme increase in the rent are the Zen and Mediterranean. One bed unfurnished apartments in the Zen cluster are available on lease for AED 50,000, while the very same furnished apartments are ready for lease for AED 55,000.
If this trend carries on like this, it is soon expected that the rental lease will be totally revoked and the only permanent tenancy will be available. These statistics show that the residential unit, in the realty market is on the path of positivity and recovery. According to Bayut.com, the leading Dubai realty portal, both the rental prices and purchase prices seem to be hiking. Yet this holds true for most upscale and posh areas, as the secondary scale buildings don’t see much of a rise as more and more people want to upgrade to more luxurious residential areas.
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